• Brexit back in the headlines

    In the ever shifting battle to garner front page headlines it Brexit's turn as PM May announces she will bring her deal (however that lines up at the time) back to Parliament on 3 June. Given that it's likely to come on the back of appalling results for both Tories and Labour in the EU elections it would appear she's hoping the uncertainty will enable her to squeeze it through on the fear factor plus trading it off for her resignation.

    Meanwhile the rest of the fragile global backdrop is still playing out with US-China trade talks,weak Chinese data and increasing tensions in the Middle East just three scenarios still in focus right now and risk-off sentiment continues.

    GBPUSD has retreated further to test 1.2900 helped by GBPJPY and GBPCHF supply with EURGBP also underpinned again. Yesterday's UK jobs/wages data showed a mix of better jobs (headline at least) but worse than expected wages and the Pound was suitably unmoved.

    EURGBP dip-buyers have been prevailing again on the GBP supply but finding sellers around 0.8685 again for the moment (GBPEUR support at 1.1515).GBPJPY remains on the back-foot on the risk-off sentiment/GBP supply but finding some decent dip demand for the moment on both this and core pairs.

    I remain GBP bearish overall and continue to rally-sell as my preferred strategy and buy back in the dips amid all the global uncertainty/indecision including Brexit.

    Meanwhile EURUSD continues to find itself tightly bound amid all the EUR/cross activity and inherent Euro demand while USDJPY has traded tightly amid the USD and risk uncertainty but has failed into 109.80. Definitely a case of rinse and repeat still. USDCHF also remains on the back-foot amid the CHF demand with EURCHF also clinging to lows around the 1.1280 area I highlighted yesterday with the SNB watching closely still.

    AUDUSD has also traded lower with weaker Chinese and Aussie data adding to the US-China trade concerns and has broken down through 0.6930 support as the Aussie$ remains under the cosh. USDCAD is STILL making its mind up and tightly bound amid CAD/JPY two-way business and now softer oil price again.

    Fickle Forex markets ever prevailing so be ready with your entry/exit levels and orders as always.

    Have a good day out there one and all.

    Twitter: @MSPFX and @MikePatersonFX

    Interbank Rate 08.25

    GBPUSD 1.2904

    EURUSD 1.1206

    EURGBP 0.8682

    GBPEUR 1.1520

    GBPAUD 1.8642

    GBPCAD 1.7385

    GBPZAR 18.3780

    GBPHKD 10.0052

    USDZAR 14.2308

    USDJPY 109.56

    EURJPY 122.76

    EURHKD 8.6851

    GBPJPY 141.38

    AUDUSD 0.6922

    EURCHF 1.1282

    USDCAD 1.3472

    USDCHF 1.0067


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